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Silver and Oil Tumbled Down on Wednesday – Recap November 7th

November 8, 2012

The Presidential elections are over and the market shifted from gains to losses. Many commodities were traded sharply down on the third day of the week: WTI oil and Brent oil plummeted on Wednesday; the prices of silver and gold also declined for the first time this week; natural gas Henry Hub future (November delivery) also tumbled down on Wednesday; the Euro slightly depreciated against the USD on Wednesday. Some other currency pairs including the Aussie dollar also fell against the USD.

Here is a summary of the daily developments of precious metals and energy commodities for November 7th, 2012:

Forex and Bullion Markets:

On Wednesday, gold edged down by 0.06% to $1,714.0; Silver also decreasedby 1.12% to $31.67. During November, gold declined by 0.3%; silver, by 2%.

On Wednesday,the Euro/USD also fell by 0.34% to 1.2771; further, the U.S Dollar appreciated against some other currencies including Aussiedollar by 0.25%.

Energy Commodities:

WTI oil price also plunged yesterday by 4.81% to $84.44 per barrel; Brent oil also fell by 3.83% to $106.82 per barrel;

Due to these developments, the gap between Brent and WTI narrowed to $20.58/bbl. During the month, WTI decreased by 1.7%; Brent oil, by 2.1%.